Business, 18.02.2020 18:54 karlacarreras152

The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017, included 14% bonds having a face amount of $15 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%.Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 102 ($15.3 million) before their scheduled maturity. Required:1. & 2. Prepare the necessary journal entries for Twin Digital on July 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar.)Required1:a) 07/01/2018 Record the semiannual interest. b) 07/01/2018 Record the redemption of the bonds.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 19:10, kingjustin0825

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.

Answers: 3

continue

Business, 22.06.2019 19:20, kimmosley80

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. during 2003, an auction house sold a sculpture at auction for a price of $10,211,500. unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,177,500. what was his annual rate of return on this sculpture? (a negative answer should be indicated by a minus sign. do not round intermediate calculations and enter your answer as

Answers: 2

continue

Business, 22.06.2019 21:00, shawntawright1

On july 2, year 4, wynn, inc., purchased as a short-term investment a $1 million face-value kean co. 8% bond for $910,000 plus accrued interest to yield 10%. the bonds mature on january 1, year 11, and pay interest annually on january 1. on december 31, year 4, the bonds had a fair value of $945,000. on february 13, year 5, wynn sold the bonds for $920,000. in its december 31, year 4, balance sheet, what amount should wynn report for the bond if it is classified as an available-for-sale security?

Answers: 3

continue

Business, 22.06.2019 21:20, Geo777

How success was the first day of the bus boycott

Answers: 1

continue

You know the right answer?

The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017,...